**Trader sentiment strongly favors no change in the Swiss National Bank policy rate at its December 10 meeting, with market-implied odds at 73.2% reflecting the central bank’s September assessment that current conditions remain appropriate.** Inflation rose to 0.8% in August, driven by higher energy prices, yet stays comfortably inside the 0-2% price-stability range, while the SNB lifted its conditional forecast only modestly to 0.7% for 2026 and 0.8% thereafter. Upward revisions to GDP growth expectations (1.5-2% for 2026) and a weaker Swiss franc have introduced mild tightening bias in some analyst views, supporting the secondary 23.9% probability of a 25 basis point hike. However, the SNB’s explicit willingness to intervene in foreign exchange markets as needed and emphasis on external rather than domestic pressures continue to anchor expectations for steady policy. The next key data points and any fresh communications ahead of the December assessment will determine whether these probabilities shift materially.